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The new trust’s net asset backing per security is $1.01. A full liquidation of the assets would have achieved a return of around 75¢. And 90 per cent of investors had wanted to stay in, Mr Bryant said.

“So they’re not being forced out by a liquidation. The beauty of the listed environment is it gives people choice. We hope that once the market clears, the institutions will take notice of it," Mr Bryant said.

The fledgling trust owns 27 rural properties, including almond orchards, poultry farms and ­vineyards. It was formed from three unlisted funds: the RFM Chicken Income Fund, the RFM Australian Wine Fund and RFM RiverBank.

With $248 million in total assets, the new trust has forecast a yield of 8.32 per cent for six months ending June 2014 and 8.55 per cent for 12 months ending June 2015.

The responsible entity for the trust is external and is held by a company owned mostly by Mr Bryant.

One of the new trust’s largest ­tenants is a poultry operations ­business, which was demerged from the group. It is owned by many of the same investors as the trust and will be separately listed on the smaller National Stock Exchange.

Mr Bryant acknowledged organic growth may come slowly because only a small amount of the free cash flow was being retained. But there was a good outlook for earnings growth, based on market rent reviews, he said.

More substantial growth through acquisitions, backed by capital ­raising, would depend on the fund’s stock price rising closer to its NTA value, he said.